WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) today announced an interim final rule implementing a new Special Financial Assistance (SFA) Program for financially troubled multiemployer defined benefit pension plans.
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Ann Orr as Chief Policy Officer.
"PBGC welcomes Ann back to serve in a new capacity," PBGC Director Gordon Hartogensis said. "She previously served at PBGC from 2011-2019 and brings a wealth of agency knowledge and experience to our mission of protecting the retirement security of millions of Americans."
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Russell Dempsey as General Counsel.
“It is my pleasure to welcome Russ to the PBGC team as our new General Counsel,” PBGC Director Gordon Hartogensis said. “His leadership and expertise will help inform and guide our efforts to support the agency’s mission and protect the retirement security of the individuals who rely on us.”
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Nicholas J. Novak as the agency’s Inspector General. In his 35-year career, Novak spent nearly 20 years holding various positions within PBGC’s Office of Negotiations and Restructuring (ONR) and the agency’s Office of the Inspector General. Novak’s ONR portfolio included supervising aspects of the Multiemployer Pension Insurance Program.
WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pension Fund (FELRA/UFCW plan), a severely underfunded multiemployer plan that covers approximately 50,000 grocery and warehouse workers and retirees in the D.C. metropolitan area.
Multiemployer Program Projected to be Insolvent in FY 2026; Single-Employer Program Improves
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2020 Annual Report. The report notes, among other things, that the agency’s Multiemployer Insurance Program expected insolvency date has been delayed from FY 2025 to sometime in FY 2026.
Will Continue Working With IG to Improve Oversight
WASHINGTON, D.C. – Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis today released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities.
WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) is taking responsibility for the J.C. Penney Corporation, Inc. Pension Plan, which covers about 36,000 current and future retirees. The retailer, headquartered in Plano, Texas, operates about 690 stores throughout the United States and Puerto Rico.
Will Allow Greater Flexibility Related to Premium Filings
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced it intends to provide new flexibility for variable-rate premium filers, a continuation of the Administration’s efforts to help support economic recovery and mitigate the effects of the coronavirus pandemic (COVID-19).
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for The McClatchy Company Retirement Plan, which covers over 24,000 current and future retirees. The California-based newspaper publisher operates 30 media companies in 14 states.
PBGC Director Gordon Hartogensis today issued the following statement on news that former PBGC Director of Procurement Jeffrey Donahue pleaded guilty to one count of conspiracy to bribe a public official:
Allows Additional Time to Pay Premiums, Submit Filings
WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced extended deadlines for upcoming premium payments and other filings with the agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J.
WASHINGTON – The Pension Benefit Guaranty Corporation (PBGC) today announced its first approved facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). Under this authority, PBGC may provide financial assistance to help merge two multiemployer plans in order to extend the solvency of a financially distressed plan.
Multiemployer Insurance Program Moves Closer to Insolvency; Single-Employer Insurance Program Improvement Continues
WASHINGTON – The Pension Benefit Guaranty Corporation’s (PBGC) Fiscal Year (FY) 2019 Annual Report, released today, shows a record deficit of $65.2 billion in its Multiemployer Insurance Program at the end of FY 2019.
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) is taking steps to assume responsibility for two pension plans sponsored by Verity Health System, which cover nearly 8,000 people. The six-hospital system is based in El Segundo, California.
Verity, with 16 of its affiliates, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Los Angeles on August 31, 2018, and is no longer able to continue its plans.
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce the appointments of Kristin Chapman as Chief of Staff and Andy Banducci as Chief Policy Officer.
Single-Employer Program Shows Continued Improvement
WASHINGTON – The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program continues on the path to running out of money by the end of fiscal year 2025, according to findings in the FY 2018 Projections Report. The agency’s insurance program for multiemployer pensions covers over 10 million people.
Multiemployer pension plans are in crisis, posing a threat to the promised retirement income of millions of American workers and retirees and their families. Congress should enact a long-term, sustainable solution taking into account fairness to retirees, workers, taxpayers, and employers, to improve retirement security for hard-working Americans and their families.
WASHINGTON – The Pension Benefit Guaranty Corporation is pleased to announce an appointment in the Office of the General Counsel. Paul Chalmers has been named Deputy General Counsel for the General Law & Operations Department.
Chalmers, previously an Associate General Counsel, joined PBGC’s legal team in 2012.